A balanced, global approach to economic theory and policy applications International Economics: Theory and Policy, Global Edition, 12th Edition by Paul Krugman, Maurice Obstfeld, and Marc Melitz, provides an engaging, balanced coverage of the key concepts of international theory and policy, from theory to practice.
Divided into two halves, the first half is devoted to trading and the second half to monetary questions. The text provides a comprehensive introduction to theory and events, as well as detailed coverage of the actual policies put into place.
This latest edition is thoroughly updated and revised, highlighting important economic developments on a theoretical and practical level, with many updates focusing on the recent COVID-19 pandemic experience and its implications on the global economy.
Further updates include:
A study of the latest trends on import competition from developing countries - and especially case studies regarding China and the U.S. - China trade tensions.
A discussion of the impact of Brexit.
A study of the relationship between money supply and prices, illustrating the recent hyperinflation in Venezuela as an example.
An array of useful features, case studies and examples in the text will equip you with the intellectual tools necessary to understand the changing world economy and the economic implications of global interdependence.
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Introduction
PART ONE: INTERNATIONAL TRADE THEORY
World Trade: An Overview
Labor Productivity and Comparative Advantage: The Ricardian Model
Specific Factors and Income Distribution
Resources and Trade: The Heckscher-Ohlin Model
The Standard Trade Model
External Economies of Scale and the International Location of Production
Firms in the Global Economy: Export Decisions, Outsourcing, and Multinational Enterprises
PART TWO: INTERNATIONAL TRADE POLICY
The Instruments of Trade Policy
The Political Economy of Trade Policy
Trade Policy in Developing Countries
Controversies in Trade Policy
PART THREE: EXCHANGE RATES AND OPEN-ECONOMY MACROECONOMICS
National Income Accounting and the Balance of Payments
Exchange Rates and the Foreign Exchange Market: An Asset Approach
Money, Interest Rates, and Exchange Rates
Price Levels and the Exchange Rate in the Long Run
Output and the Exchange Rate in the Short Run
Fixed Exchange Rates and Foreign Exchange Intervention
PART FOUR: INTERNATIONAL MACROECONOMIC POLICY
International Monetary Systems: A Historical Overview
Financial Globalization: Opportunity and Crisis
Optimum Currency Areas and the Euro
Developing Countries: Growth, Crisis, and Reform